San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has provided the following update on the investment of up to US$187 million into the Company by Tri Ri Asset Management Corp. ('TRAM'). The investment was announced by the Company on 10 October 2023 and comprised a loan facility, issue of warrants and subscription for new ordinary shares of €0.01 each in the Company.
As previously announced on 2 November 2023, TRAM had confirmed to San Leon that funds were in the process of being transferred to San Leon in respect of the loan facility. TRAM also subsequently confirmed to San Leon that funds had been transferred in respect of the subscription. To date, neither payment has been received by the Company and San Leon continues to work with TRAM to understand the reasons for the delay and to enable funds to be released.
Further announcements will be made in due course.
Source: San Leon Energy
